Budget Innovations at the Period of Trump’s Presidency: Social Dimension

Tax cuts and spending cuts go hand in hand at the beginning of the Trump epoch. The paper focuses on the social effects of the tax reform and new budget priorities which come along with steps aimed to move more people from welfare into the workforce. For a vast majority of Americans, the Tax Cut...

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Autor principal:	L. F. LEBEDEVA
Formato:	article
Lenguaje:	EN RU
Publicado:	Ассоциация независимых экспертов «Центр изучения кризисного общества» (in English: Association for independent experts “Center for Crisis Society Studies”) 2018
Materias:	budget policy taxes us d. tramp inequality priority International relations JZ2-6530
Acceso en línea:	https://doaj.org/article/87dbfecc34a04d12b251e99508904600
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spelling	oai:doaj.org-article:87dbfecc34a04d12b251e995089046002021-11-07T14:45:02ZBudget Innovations at the Period of Trump’s Presidency: Social Dimension2542-02402587-932410.23932/2542-0240-2018-11-2-46-62https://doaj.org/article/87dbfecc34a04d12b251e995089046002018-08-01T00:00:00Zhttps://www.ogt-journal.com/jour/article/view/328https://doaj.org/toc/2542-0240https://doaj.org/toc/2587-9324Tax cuts and spending cuts go hand in hand at the beginning of the Trump epoch. The paper focuses on the social effects of the tax reform and new budget priorities which come along with steps aimed to move more people from welfare into the workforce. For a vast majority of Americans, the Tax Cuts and Jobs Act will lower their federal tax bill in the coming years due to the new rates, new tax brackets, much larger standard deductions, expanded child tax credit. The high quintiles pay the biggest share of the tax burden, so they will receive the largest volume in tax cuts. Income tax cuts, coming along with growing defense and infrastructure spending may significantly increase the budget deficit and national debt in the nearest future, and require huge slashing federal spending which would affect welfare programs for the low-income Americans. There are nо plans to cut Social Security benefits as the main driver of federal spending; but social expenditures which comprise cash benefits, direct in-kind provision of goods and services are proposed to being cut. The category of funding targeted by the Trump plan covers a wide rangeof basic services, from medical care to education programs, child care, housing assistance for low-income families.L. F. LEBEDEVAАссоциация независимых экспертов «Центр изучения кризисного общества» (in English: Association for independent experts “Center for Crisis Society Studies”)articlebudget policytaxesusd. trampinequalitypriorityInternational relationsJZ2-6530ENRUКонтуры глобальных трансформаций: политика, экономика, право, Vol 11, Iss 2, Pp 46-62 (2018)
institution	DOAJ
collection	DOAJ
language	EN RU
topic	budget policy taxes us d. tramp inequality priority International relations JZ2-6530
spellingShingle	budget policy taxes us d. tramp inequality priority International relations JZ2-6530 L. F. LEBEDEVA Budget Innovations at the Period of Trump’s Presidency: Social Dimension
description	Tax cuts and spending cuts go hand in hand at the beginning of the Trump epoch. The paper focuses on the social effects of the tax reform and new budget priorities which come along with steps aimed to move more people from welfare into the workforce. For a vast majority of Americans, the Tax Cuts and Jobs Act will lower their federal tax bill in the coming years due to the new rates, new tax brackets, much larger standard deductions, expanded child tax credit. The high quintiles pay the biggest share of the tax burden, so they will receive the largest volume in tax cuts. Income tax cuts, coming along with growing defense and infrastructure spending may significantly increase the budget deficit and national debt in the nearest future, and require huge slashing federal spending which would affect welfare programs for the low-income Americans. There are nо plans to cut Social Security benefits as the main driver of federal spending; but social expenditures which comprise cash benefits, direct in-kind provision of goods and services are proposed to being cut. The category of funding targeted by the Trump plan covers a wide rangeof basic services, from medical care to education programs, child care, housing assistance for low-income families.
format	article
author	L. F. LEBEDEVA
author_facet	L. F. LEBEDEVA
author_sort	L. F. LEBEDEVA
title	Budget Innovations at the Period of Trump’s Presidency: Social Dimension
title_short	Budget Innovations at the Period of Trump’s Presidency: Social Dimension
title_full	Budget Innovations at the Period of Trump’s Presidency: Social Dimension
title_fullStr	Budget Innovations at the Period of Trump’s Presidency: Social Dimension
title_full_unstemmed	Budget Innovations at the Period of Trump’s Presidency: Social Dimension
title_sort	budget innovations at the period of trump’s presidency: social dimension
publisher	Ассоциация независимых экспертов «Центр изучения кризисного общества» (in English: Association for independent experts “Center for Crisis Society Studies”)
publishDate	2018
url	https://doaj.org/article/87dbfecc34a04d12b251e99508904600
work_keys_str_mv	AT lflebedeva budgetinnovationsattheperiodoftrumpspresidencysocialdimension
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Budget Innovations at the Period of Trump’s Presidency: Social Dimension

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